Last Will and Testaments... or not....

CLAPTON

at the moment there doesn't seem to be a single good reason for her to do this and there are loads of reasons not to do this

Yorkie1

If she is going to continue to live there, and her son is not going to do so, then I *think* there may be some difficulties in the son getting a mortgage (irrespective of his other credit issues).

He could not get a residential mortgage, and some lenders shy away from BTL lending where the tenant is a family member.

I agree with everyone that this has nightmare written all over it, from so many risks and perspectives.

grey_gym_sock

perhaps a good question to ask her is: why not make a will instead, leaving the house to her son?

since (a) that is probably (as far as we can tell - but lots of info may be missing) a better idea

and (b) you might get some response about what she has on her mind

Mojisola

Better_Off_1983 wrote: »

She has a partner of 30 odd years but she knows my partner, her only son will be heir.

Where will her partner live if she dies first?

YesWillMan

Mojisola wrote: »

Where will her partner live if she dies first?

Quite true. The partner will have every chance of succeeding in a claim avainst the estate.
The Court would fairly likely award a "life interest" to the Partner in the house or a financial settlement from proceeds of the sale of.such property after the mortgage has been paid off.

getmore4less

Better_Off_1983 wrote: »

The house was brought 30 years ago, there is about 5 years left on the mortgage but there will be a £13k shortfall. She has a partner of 30 odd years but she knows my partner, her only son will be heir. The house is probably worth £100K

The mortgage is £100 per month. It is just her name on the land registry/deeds and mortgage.

She wont say if she is ill, but there was a recent bereavement- a family friend passed away suddenly- she was a similar age.

THis has probably triggered the issue, I wonder if she thinks making a will is a death sentence some do.

best if they all talk it through and get advice.

try to understand the motivation for wanting to do it that can help a lot.

If the estate is the house then there are no IHT issues so any gift limits are irrelevent.

If the partner is dependant, live in the house or has contributed there may be issues.


The priority is sorting out the finances and the shortfall in the mortgage